Are US regional incomes converging? Some further evidence

• 成果类型: Article
• 署名作者: Loewy, MB; Papell, DH
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(96)01292-5
• 发表日期: 1996
• 页码: 587-598
• 关键词: regional per-capita income; stochastic convergence; endogenous trend break models

摘要

Regions of the United States represent a set of economies where the conditions often argued as underlying convergence in per-capita income are satisfied, Stochastic convergence among regions implies the rejections of a unit root in relative per-capita income, a hypothesis which is not supported by conventional tests. Carlino and Mills (1993) allow for an exogenous trend break, but can only reject the unit root hypothesis in three of the eight U.S. regions. We incorporate endogenously determined break points and significantly strengthen their results, being able to reject the unit root hypothesis in seven regions.